1. November was strong for SPY, gaining nearly 6% and closing above its 10-month EMA, indicating a bullish trend. 2. TLT showed mixed signals, oscillating around its 10-month EMA, but recent higher highs and lows suggest a potential bullish trend. 3. The TLT:SPY relative strength ratio shows that SPY has consistently outperformed TLT since July 2020, reinforcing a preference for equities. 4. The author plans to continue investing in SPY for December and will not allocate money to TLT until its relative strength ratio improves.